Sector Review: Asia-Pacific Oil And Gas Companies Can Endure The Current Price Slump Oct 11

  • ID: 2039252
  • October 2011
  • Standard & Poors
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  • Caltex Australia Ltd.
  • Indian Oil Corp. Ltd.
  • JX Holdings Inc.
  • PT Pertamina (Persero)
  • Shell Australia Ltd.
  • Teikoku Oil Co. Ltd.
  • MORE

Asia-Pacific oil and gas companies have yet to run out of steam. Many issuers are pressing ahead with aggressive growth strategies despite a slump in crude oil prices in recent months. The declining prices haven't triggered rating actions because Standard & Poor's Ratings Services already factors conservative assumptions for oil prices into its ratings on the exploration and production companies. Further, most rated issuers performed better than we expected in the first half of 2011 when prices spiked. The companies' solid earnings have created a buffer in the ratings to offset the likelihood of lower operating cash flows over the next 12 months if global economic growth remains uncertain and oil demand weakens. (Watch the related CreditMatters TV segment titled,...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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- Shell Australia Ltd.
- Woodside Petroleum Ltd.
- Caltex Australia Ltd.
- Petroliam Nasional Bhd.
- Santos Ltd.
- GS Caltex Corp.
- Reliance Industries Ltd.
- PTT Exploration and Production Public Co. Ltd.
- TonenGeneral Sekiyu KK
- Showa Shell Sekiyu KK
- JX Holdings Inc.
- Indian Oil Corp. Ltd.
- China Petroleum & Chemical Corp.
- CNOOC Ltd.
- Origin Energy Ltd.
- China National Offshore Oil Corp.
- PT Medco Energi Internasional Tbk.
- Formosa Petrochemical Corp.
- Chinese Petroleum Corp.
- Teikoku Oil Co. Ltd.
- Nippon Mining Holdings Inc.
- PTT Public Co. Ltd.
- Thai Oil Public Co. Ltd.
- PTT Aromatics and Refining Public Co. Ltd.
- PT Energi Mega Persada Tbk.
- Korea National Oil Corp.
- INPEX Corp. (old)
- IRPC Public Co. Ltd.
- SK Innovation Co. Ltd.
- PT Pertamina (Persero)
- INPEX Corp.
- S-Oil Corp.
- China National Petroleum Corp.

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